The Relevance of Trendsspotting in a Business

The Relevance of Trendsspotting in a Business

Trendspotting is a term that’s very widely used in the fashion industry, and it’s not uncommon for top designers to splurge and send their curators across the world only to spot what the latest fashion trends are. Those at the forefront of the fashion industry are capable of predicting which colours consumers will want to wear in a particular season or year, well before the consumers themselves are aware of it.


The concept of trendspotting


Trendspotting can yield significant profits if identified accurately by an investor and this concept is fast becoming a trend in itself. So, what relevance does trendspotting have for a business owner? The fact is, you are already doing this every week, right through the year. It is covered in your:

  • Key Strategic Indicators
  • Dashboards
  • Key Performance Indicators

All these performance metrics tools help spot trends in data. If you don’t see it, you aren’t using it correctly and effectively. Trendspotting should be integrated into your employee feedback loop. When you regularly collect information from your team (no matter which way you do it), it can help provide valuable feedback that can be used to improve the workings of your business and its overall profitability.


How to trendspot


Over time, you will be able to notice the movement in trends and data. The analysis of your financial statements should always include the element of seeking trends such as:

  • Are your sales always lower in the second quarter?
  • Is your Cost of Sales becoming a major part of your revenue?
  • Why was a certain line item that was popular suddenly stopped bringing in sales?

Trendspotting is something that doesn’t come easily to most people. But it is something you need to be aware of if you want to be a part of the latest marketing trend. Develop deep curiosity in things around you.


There are things you can do that will help you spot latest trends but there are also things you can avoid:

  • Bad data- You cannot manage something you aren’t measuring. If you don’t know what’s working, you cannot come up with a strong marketing strategy. Collect relevant data, test and measure your strategies to see what clicked and what didn’t. And then work on that. It is important to have information and data you can rely on.
  • Not setting expectations- When you are analysing data sets without any expectations you’re only getting half the job done. You are likely to take longer in spotting current trends and by the time you do, there may already be a new one. You need to keep your eye out on what’s working and also what isn’t. If there are negative trends, you are continuously making mistakes which can end up affecting your profitability. If you miss positive trends, you may miss the boat completely.
  • Biases- Everyone approaches their work and expectations differently and looks for different results. All of this can give rise to biases that impact the way we pick up on or interpret trends. This is why it's important to complement your perspective with a reliable person who shares a different opinion or approach. This gives you the ability to take a more well-rounded view when you are looking for trends. After all, if you aren’t looking for something, you may not spot it at all.

The easy availability of sophisticated technology has made it quite easy for business owners to become trendspotters themselves.


For more information on how Max My Profit can help you with your business, please contact us here.


About the Author


Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Leave a Reply

Your email address will not be published. Required fields are marked *

business plan template

Get Instant Access to the Business Plan Template that has helped thousands of Business Owners in every sector plan and grow their business.

Learn More
fees and benefits

Our Programs start from as little as $10 a day making it affordable for all business types.

Learn More

Top Rated Articles

The History of Business Coaching

The Inner Series...   In order to understand the history of business coaching, it’s important to go back to t


How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca


7 Biggest Challenges Facing Your Business

It is kind of inevitable that businesses will face challenges at different stages of their growth and development. So, p


Recently Viewed

Difference between a Consultant and a Business Coach?

What is the Difference between a Consultant and a Business Coach?   Many businesses today work with both consul


How CRM Can Maximize Customer Lifetime Value (CLV)

"Keep your customers always on the frontline," this is a key philosophy to running a successful business. Customers are


Weird, Wacky, and Wonderful: 9 Unusual Tips for Content Creation in ‘Boring’ Niches

The same text or video may look very interesting for somebody and boring for somebody else at the same time. There are m

  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler